In a statement, the Hong Kong-listed firm said that the average price, however, declined 39% from a year earlier to RMB 7,022 per sq m last year, as most of the sales were contributed by Chinese non-first-tier cities.

In 2011, the property developer reaped RMB 1.84 billion in contracted sales, up 24% year on year. Of the total sales, about 29% was derived from both Chengdu and Chongqing, 27% from the Pearl River Delta, 25% from the Yangtze Rive Delta, 8% from the Bohai Economic Rim and 11% from Central China.

Last December, Kaisa sold 39% more properties with contracted sales area of 147,866 sq m, and the average price stood at RMB 12,470 per sq m.

As of December 31, 2011, Kaisa had potential floor area of 7.03 million sq m under construction and 16.39 million sq m in undeveloped projects.